Save Article

Carrefour Guards Its Position
With Purchase of GMB Stake

By

Anne-Michele Morice Special to The Wall Street Journal

Updated Dec. 12, 1996 12:01 a.m. ET

French retail giant Carrefour SA has acquired a blocking minority interest of 33.3% in its rival GMB, consolidating its position as France's largest chain of so-called hypermarkets, the two companies said.

The price wasn't disclosed, but some analysts value GMB, the closely held parent company of the Cora chain of stores, at about 12.5 billion French francs ($2.38 billion). That would put the value of this deal at around 4.2 billion...